Belizeans can expect higher fuel prices for the new year, following confirmed reports that the price of all three types of fuel will be going up this week.

Sources have informed The Reporter that the price for a gallon of premium gasoline will increase from $8.58 to $9.30, an increase of 72 cents. Regular goes up by 97 cents from $8.51 to $9.23, and diesel increases by 81 cents, from $6.41 to$7.22.

The new prices are scheduled to be introduced at 12 a.m. on Tuesday December 29.

The price increase notably corresponds with falling prices of oil on the world market, which should translate into eventually lower prices at the pumps for consumers. The Telegraph in the United Kingdom reported last week that the price per barrel for oil on the international market ranged between US$34.04 and US$36.35 per barrel; a considerable fall from the US$115 in years prior.

Earlier this year, Belize made the list of the top five Caribbean countries where fuel is most expensive, ranking at fifth place on a list of 15 countries. The list, compiled with data from the Caribbean Statistics and Data Services institute, said that Belize has one of the highest per capita gasoline consumption rates in the Caribbean Community (CARICOM) and fuel imports equalled 15.22 percent of its merchandise imports in 2013.

Barbados, Suriname, the Bahamas and Antigua and Barbuda make up the top-four most expensive Caribbean countries for gas. The other countries on the list, ranking from sixth to 15th, St. Kitts and Nevis, Jamaica, Monsterrat, Haiti, Grenada, St. Lucia, Dominica, St. Vincent and the Grenadines, Guyana and Trinidad and Tobago make up the rest of the list.